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1.6 The Integral Project is still in the planning stage and, concurrently herewith, <br />the City has approved certain modifications to existing Entitlements (including, Conditional Use <br />Permit No. 2005-15) to permit Integral to rent (and offer for rental) some or all of the Residential <br />Units comprising the Integral Project (irrespective of whether any Residential Units are sold to third <br />party purchasers). <br />1.7 In connection with the foregoing, Skyline, Integral and City now desire to <br />amend the Development Agreement to provide Skyline and Integral with the ability to rent (and offer <br />for rental) some or all of the Residential Units comprising Lake Towers and Integral Project, <br />respectively, in accordance with applicable Entitlements. <br />2. Right to Rent. Skyline, Integral and the City hereby acknowledge and agree that <br />Skyline and Integral have the right to rent (and offer for rental) some or all of the Residential Units <br />comprising Lake Towers and/or the Integral Project, respectively, in accordance with applicable <br />Entitlements. The foregoing shall in no way be deemed to impose an obligation on Skyline or <br />Integral to rent (or offer for rental) any or all of the Residential Units, or preclude Skyline or Integral <br />from selling and renting (and offering for sale and rental) the Residential Units concurrently. <br />3. Modification of Certain Provisions. The Development Agreement is hereby amended <br />and supplemented in the following particulars: <br />3.1 Section 1.1(1). The phrase "for-sale residential condominiums" appearing in <br />Section 1.1(1) of the Development Agreement is hereby amended and restated to read as "for-sale <br />condominium units or for-rent residential units." <br />3.2 Section 2.43(1). The phrase "three hundred fifty (350) for sale residential <br />condominium units" appearing in Section 2.43(1) of the Development Agreement is hereby <br />amended and restated to read as "three hundred forty-nine (349) for-sale condominium units or for- <br />rent residential units." <br />3.3 Section 2.43(3). The phrase "two hundred seventy-six (276) for-sale <br />residential condominium units" appearing in Section 2.43(3) of the Development Agreement is <br />hereby amended and restated to read as "two hundred seventy-six (276) for-sale residential <br />condominium units or for-rent residential units." <br />3.4 Section 2.50. The phrase "each of the for sale residential units" appearing in <br />Section 2.50 of the Development Agreement is hereby amended and restated to read as "each of the <br />for-sale (and with respect to Lake Towers and Integral Project, if applicable, the for-rent) residential <br />units." <br />3.5 Section 4.1. Clause (ii) appearing in Section 4.1 of the Development <br />Agreement is hereby amended and restated to read in its entirety as follows: <br />"(ii) the granting of Certificates of Occupancy (or similar permission to occupy) for <br />the final Element of the Project and, except with respect to Lake Towers and/or <br />Integral Project, sale of all Residential Units." <br />3.6 Section 4.2.1. Anew Section 4.2.1 is added to the Development Agreement <br />to read in its entirety: <br />3 <br />2nd amendment to development agreement4 lake tower and integral <br />